Overconfident
Oct 31, 2017 at 15:39
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Mitglied seit Dec 11, 2015
1487 Posts
Nov 19, 2017 at 14:54
Can you recommend any ways to overcome such overconfidence? Any practical advice?
Mitglied seit Dec 11, 2015
1487 Posts
Nov 22, 2017 at 16:14
There is a difference between confidence born of experience and awareness of one's own abilities and overconfidence because one is too arrogant to admit to themselves they need to be more careful, I think. Some people do suffer from the latter.
Nov 23, 2017 at 15:53
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice 😄
Accept the loss as experience
Nov 24, 2017 at 11:49
Overconfidence can kill a trading account. It leads to over trading and under analysing. To avoid over trading, you could record how many trades per day / week you normally enter and if you find that you are taking more than the average it is likely that you are over trading
Mitglied seit Dec 11, 2015
1487 Posts
Nov 25, 2017 at 15:34
TiffanyK posted:
Overconfidence depends also on the way the trader thinks and acts in life. If you are that type of person - you do not consider yourself as Overconfident, but just as a confident person. So the people who think that they are confident need to think twice 😄
I agree. Self-awareness is generally a difficult thing to achieve, especially for people who are overconfident.
Mitglied seit Nov 30, 2017
12 Posts
Nov 30, 2017 at 15:37
overconfidence often equals arrogance which leads to failure
Mitglied seit Dec 11, 2015
1487 Posts
Dec 01, 2017 at 16:41
BonkersBit posted:
overconfidence often equals arrogance which leads to failure
That was my sentiment exactly. Arrogance severely clouds one's judgement - just as much as irrational fear does if not more.
Mitglied seit Dec 08, 2017
12 Posts
Dec 10, 2017 at 08:27
The excess of confidence must not take place in any of our operations, we must be willing to sometimes go up and sometimes go down. The idea is always to persist!
Mitglied seit Dec 10, 2017
210 Posts
Dec 11, 2017 at 08:27
Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Dec 12, 2017 at 07:51
Justice1024 posted:Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Аnd where is the middle of these states?
Mitglied seit Dec 11, 2015
1487 Posts
Dec 12, 2017 at 15:42
the_who posted:Justice1024 posted:Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Аnd where is the middle of these states?
The middle is having self-awareness. Knowing what you can do, but also knowing what you are bad at and is not a good idea to do.
Mitglied seit Dec 12, 2017
10 Posts
Dec 13, 2017 at 09:20
Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
We can never overdo the lack of confidence, this is bad even to handle. Time is humble enough to know that we can make mistakes so we have years in the market.
Dec 13, 2017 at 09:21
mlawson71 posted:the_who posted:Justice1024 posted:Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Аnd where is the middle of these states?
The middle is having self-awareness. Knowing what you can do, but also knowing what you are bad at and is not a good idea to do.
I absolutely agree with you!
Mitglied seit Dec 10, 2017
210 Posts
Dec 21, 2017 at 07:46
the_who posted:Justice1024 posted:Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Аnd where is the middle of these states?
Well, this is the key point to any professionalism: to ignore the human factor.
Mitglied seit Dec 11, 2015
1487 Posts
Dec 23, 2017 at 15:53
Justice1024 posted:the_who posted:Justice1024 posted:Mohammadi posted:
Overconfidence can still have our mistake in terms of loosening our trading or say that we might ignore or miss something that is significant. Still, too much in Forex will be bad and will not benefit a trader and these includes in both having too much confidence and lack of confidence.
Both states are not appropriate in Forex.
Аnd where is the middle of these states?
Well, this is the key point to any professionalism: to ignore the human factor.
I think it's a better idea to take it into account and compensate for it when possible.
Mitglied seit Jul 20, 2020
232 Posts
Oct 05, 2020 at 12:32
Before enter into the live trading you should practice demo trading. It wil;l help you to check your ability and also help to check your strategy and planning.
Mitglied seit Oct 26, 2015
33 Posts
Oct 07, 2020 at 06:31
Confidence isn't the issue, its unjustified confidence and the actions made following. Some allow the arrogance of unjustified overconfidence to let them trade without a SL, trade without testing first the strategy, and so on. Ive met alot of traders in this industry, and the ones that usually have issues are the ones who are reckless with their accounts like a teenager first hitting puberty.
Pay attention to....is it confidence from a proven track record or arrogance? And someone stated above keep your professionalism which removes the emotions. The numbers dont lie....if you are not profitable you shouldnt be confident at your trading ability unless you are jsut trying to build commissions with your brokerr.
Pay attention to....is it confidence from a proven track record or arrogance? And someone stated above keep your professionalism which removes the emotions. The numbers dont lie....if you are not profitable you shouldnt be confident at your trading ability unless you are jsut trying to build commissions with your brokerr.
Take Challenges Head On
Oct 07, 2020 at 06:36
Whenever you start to feel yourself like Batman in front of your terminal, step away for a while and return when you are back to not Batman *lol*.
If you trade when you are absolutely certain that the price will go up and it is actually you who command the market, large losses wait around the corner. Been there ..... done that.
If you trade when you are absolutely certain that the price will go up and it is actually you who command the market, large losses wait around the corner. Been there ..... done that.
